The months of August through early December are usually reserved for the annual Big 4 dick-measuring contest of whose global revenues are the biggest and whose grew the most, while the top mid-tier firms (BDO, RSM, Grant Thornton) wait until that contest is completed before announcing their numbers in mid- to late December or early January.
Yesterday we mentioned that BDO pulled in a cool $11.8 billion globally in FY 2021, up from $10.3 billion in 2020. Another firm that had a pretty kick-ass 2021 financially is RSM, which saw its global revenue grow nearly 16% in FY 2021—from $6.3 billion in 202o to $7.26 billion. RSM International CEO Jean Stephens gave credit to all of you little RSMers out there for the firm’s “outstanding” last fiscal year.
“RSM Professionals from around the world have worked exceptionally hard to empower our client base of highly dynamic, entrepreneurial, and ambitious businesses to thrive during this challenging time. This has required new perspectives, innovative approaches and a forward-looking gaze to ensure company owners, boards and leaders are primed for growth in the new business age. Our outstanding financial results reflect this pace of change, and our unwavering commitment to supporting the growth ambitions of today’s leading businesses.”
RSMers in consulting get an extra cookie because that service line had the biggest increase in revenue (38%) over the previous year due to “an increasing need for support by middle market businesses in a state of transition as they move from reacting to the pandemic, to accelerating their transformation in preparation for a new business age, according to the firm.”
General business consultancy services in particular grew by 128% year-on-year as the middle market looked to evolve through the wide adoption of innovative new solutions. This includes enhancing efficiencies from business process outsourcing, developing new solutions powered by advanced artificial intelligence and automation technology, to creating supply chain resilience through pioneering data analytics.
Accounting was the service line with the second-biggest gain in revenue at 18.7%, followed by tax (8.4%) and audit (7.6%).
The Europe and North American regions each grew by 15% in 2021, with consulting revenue in North America increasing by 50% over the previous year, RSM said. Revenues increased year-over-year by 23% in the Middle East, 20% in Asia Pacific, 15% in Africa, and 11% in Latin America.
RSM’s Global Revenue Soared 9.2% in FY 2020 Because the Firm Spat In the Face of Adversity or Something Like That